Crypto giant Coinbase is the latest fintech to apply for a national trust company charter through the Office of the Comptroller of the Currency (OCC). This charter would enable the firm to enhance its industry-leading custody business and explore new product offerings, including payment services.
However, Coinbase emphasizes in a blog post that it “has no intention of becoming a bank.” Operating under the oversight of the New York Department of Financial Services (NYDFS), the company states that an OCC charter will streamline regulation for new offerings and foster innovation in integrating digital assets with traditional finance.
Coinbase joins several other crypto firms—such as Circle, Paxos, and Ripple—in applying for a charter recently, taking advantage of the more favorable regulatory environment in the U.S. for the sector.